Auto component major Bosch posted a consolidated net profit of ₹373.6 crore in the second quarter of FY23 compared with ₹372.3-crore net profit recorded in the same quarter last year.
The company reported a 25.27 per cent increase in revenue to ₹3,811 crore in Q2 FY23 compared to ₹3,042 crore reported in Q2 FY22. “The surge in demand on the back of the continued recovery of the automotive market contributed to a strong performance this quarter. We have witnessed robust topline growth, posting consistent profits over a low base in the same quarter of the previous year. Although supplies in semiconductors have eased out relatively, the supply chain ecosystem itself continues to remain fragile. Despite these uncertainties, including rising input costs, we expect to build on the strong performance of this quarter,” saidSoumitra Bhattacharya, Managing Director, Bosch Limited and President of the Bosch Group in India.
The company’s earnings per share (EPS) in the second quarter was at ₹126.7 (₹126.2). During the quarter, Bosch inaugurated a new Common Rail Injector (CRIN) line for commercial vehicles to cater to Indian customers. It also launched the pilot hydrogen engine testing infrastructure with a temporary storage set up in Bengaluru, which is the first of its kind facility in Bosch, the company said in a statement.
“We are happy to inaugurate our in-house developed CRIN line in Nashik to cater to the Indian commercial vehicle market, in line with Government of India’s vision of Atmanirbhar Bharat. Addressing the changing regulatory emission norms, this line will further increase our share of local production,”Bhattacharya added.